This Dec. 20, 2018 photo shows traffic in Manila. The World Bank on Thursday said developing countries like the Philippines should ramp up spending on “climate-smart” infrastructure to help stay on track to limit climate change to up to 2°C.

The STAR/Edd Gumban, File photo

World Bank: Price tag for ‘climate-smart infra’ is 4.5% of GDP

(philstar.com) - February 22, 2019 - 2:43pm

MANILA, Philippines — The World Bank on Thursday said developing countries like the Philippines should ramp up spending on “climate-smart” infrastructure to help stay on track to limit climate change to up to 2°C.

In its “Beyond the Gap” report, the Washington-based multilateral lender said infrastructure spending of 4.5 percent of gross domestic product would enable universal access to water, sanitation and electricity, as well as better mobility, food security and flood protection.

“Our analysis clearly shows that developing countries can build the climate-smart infrastructure they need by spending around 4.5 percent of GDP. The good news is this is close to what many countries already spend,” said Kristalina Georgieva, interim president of the World Bank Group.

“With the right choices, infrastructure can be built that helps achieve globally agreed emissions targets. The focus must be on smarter and more resilient investments, not necessarily more money,” Georgieva added.

According to the World Bank, developing countries spend between 3.4 percent of GDP and nearly 5 percent, with a central estimate of around 4 percent.

“Today the infrastructure gap is huge: 940 million people live without electricity, 663 million lack improved sources of drinking water, 2.4 billion lack improved sanitation facilities, one billion live more than two kilometers from an all-season road, and four billion people lack internet access,” the Bank said.

“Uncounted numbers are unable to access work and educational opportunities due to the absence or high cost of transport services,” it added.

When US Secretary of State Mike Pompeo visited last week, he made assurances his country would come to the Philippines’ defense in the event of an armed attack on our vessels and aircraft in the South China Sea.

President Duterte and visiting Malaysian Prime Minister Mahathir Mohamad emphasized yesterday the importance of freedom of navigation and overflight in the South China Sea in maintaining peace and progress in the region, which is grappling with territorial disputes as well as China’s muscle-flexing.